MIRA INFORM REPORT
|
Report Date : |
10.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
SAMDIMON BVBA |
|
|
|
|
Registered Office : |
Hoveniersstraat 30, 2018 Antwerpen |
|
|
|
|
Country : |
Belgium |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
05.02.1986 |
|
|
|
|
Com. Reg. No.: |
428516306 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Wholesaler of diamonds and other precious stones |
|
|
|
|
No of Employees : |
06 (31.12.2013) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Belgium |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
BELGIUM - ECONOMIC OVERVIEW
This modern, open, and private-enterprise-based
economy has capitalized on its central geographic location, highly developed
transport network, and diversified industrial and commercial base. Industry is
concentrated mainly in the more heavily-populated region of Flanders in the
north. With few natural resources, Belgium imports substantial quantities of
raw materials and exports a large volume of manufactures, making its economy
vulnerable to volatility in world markets. Roughly three-quarters of Belgium's
trade is with other EU countries, and Belgium has benefited most from its
proximity to Germany. In 2013 Belgian GDP grew by 0.1%, the unemployment rate
increased to 8.8% from 7.6% the previous year, and the government reduced the
budget deficit from a peak of 6% of GDP in 2009 to 3.2%. Despite the relative
improvement in Belgium's budget deficit, public debt hovers around 100% of GDP,
a factor that has contributed to investor perceptions that the country is
increasingly vulnerable to spillover from the euro-zone crisis. Belgian banks
were severely affected by the international financial crisis in 2008 with three
major banks receiving capital injections from the government, and the
nationalization of the Belgian retail arm of a Franco-Belgian bank.
|
Source
: CIA |
Company name & address
Business number 428516306
Company name SAMDIMON BVBA
Address HOVENIERSSTRAAT 30
2018 ANTWERPEN
Number of staff 6 (31.12.2013)
Date of establishment 05/02/1986
Telephone number 032329300
Fax number 032329316
Commentary
|
The business was established over 28 years
ago. |
|
|
|
|
|
The business has 6 employees. |
|
|
|
|
|
The business has been at the address for
over 17 years. |
|
|
|
|
|
Net Worth increased by 34% during the
latest trading period. |
|
|
|
|
|
Pre-tax profits increased by 36% compared
to the previous trading period. |
|
|||
|
The business saw an increase in their Cash
Balance of 217% during the latest trading period. |
|
|||
Accounts
DATE OF LATEST
ACCOUNTS TURNOVER
PROFIT BEFORE TAX NET WORTH WORKING
CAPITAL
31/12/2013 134,708,722
168,480 6,645,492 12,213,913
31/12/2012 125,718,059
123,190 4,949,293 7,999,079
31/12/2011 127,725,550
96,593 4,865,445 7,942,477
Accounts
|
DATE OF LATEST ACCOUNTS |
BALANCE TOTAL |
NUMBER OF CAPITAL EMPLOYEES |
CASHFLOW |
|
|
|
31/12/2013 |
46,362,567 |
6 |
81,803 |
146,090 |
|
|
31/12/2012 |
50,464,915 |
6 |
62,000 |
126,387 |
|
|
31/12/2011 |
49,940,120 |
6 |
62,000 |
187,641 |
|
TRENDS
|
Profitability |
|
|
Liquidity |
|
|
Net worth |
|
Payment expectations
Payment expectation days 30.63
Industry average payment expectation days 124.39
Industry average day sales outstanding 141.74
Day sales outstanding 92.64
Company information
|
Business number |
428516306 |
|
Company name |
SAMDIMON BVBA |
|
|
Fax number |
032329316 |
|
Date founded |
05/02/1986 |
|
|
Company status |
active |
|
Company type |
Private Limited Company (BL/LX) |
|
|
Currency |
Euro (€) |
|
Date of latest
accounts |
31/12/2013 |
|
|
Activity code |
46761 |
|
Liable for VAT |
yes |
|
|
Activity
description |
Wholesaler of diamonds and other precious stones |
VAT Number |
BE.0428.516.306 Check VAT number |
||
|
Belgian Bullettin
of Acts Publications |
moniteur belge |
|
|
|
|
Joint Industrial Committee
(JIC)
JIC Code 218
Description Additional
national joint committee for the employees
category
JIC Code 324
Description Joint committee for
the industry and the trade in diamant
Category
Significant Events
Event Date 21/10/2011
Event Details Neerlegging van de
eenparige schriftelrjke beslurtvorming van de aandeeihouders dd. 21
oktober 2011 houdende goedkeuring, in
overeenstemming met artikel 556 van het Wetboek van vennootschappen, van
bepalingen die van toepassing zijn ingev
Event Date 21/10/2011
Event Details l van een
controlewijziging.
COMPANY ACCOUNTS
Assets
|
Annual
accounts |
31.12.2013 |
% |
31.12.2012 |
% |
31.12.2011 |
% |
31.12.2010 |
% |
31.12.2009 |
|
Weeks |
52 |
|
52 |
|
52 |
|
52 |
|
52 |
|
Currency |
EUR |
|
EUR |
|
EUR |
|
EUR |
|
EUR |
|
Total
fixed assets |
345,309 |
22.50 |
281,896 |
-10.34 |
341,413 |
-14.00 |
365,607 |
-8.63 |
400,132 |
|
Intangible
fixed assets |
0 |
- |
0 |
-100 |
15 |
-93.83 |
240 |
-48.41 |
465 |
|
Tangible
fixed assets |
334,739 |
22.06 |
274,231 |
-10.65 |
306,933 |
-14.65 |
359,599 |
-8.71 |
393,899 |
|
Land & building |
307,473 |
25.74 |
244,533 |
-4.49 |
256,025 |
-4.30 |
267,518 |
-4.12 |
279,010 |
|
Plant & machinery |
24,720 |
1.74 |
24,297 |
-34.50 |
37,095 |
-46.94 |
69,915 |
-23.23 |
91,070 |
|
Furniture & Vehicles |
2,546 |
-52.87 |
5,402 |
-60.89 |
13,813 |
-37.68 |
22,166 |
-6.94 |
23,820 |
|
Financial
fixed assets |
10,570 |
37.91 |
7,664 |
2.68 |
7,464 |
29.42 |
5,767 |
0 |
5,767 |
|
Total
Current assets |
46,017,258 |
-8.30 |
50,183,019 |
1.12 |
49,625,708 |
40.25 |
35,385,904 |
137 |
14,928,431 |
|
Inventories |
9,236,869 |
17.45 |
7,864,772 |
-6.03 |
8,369,047 |
-3.24 |
8,649,417 |
178 |
3,102,460 |
|
Raw materials &
consumables |
9,236,869 |
17.45 |
7,864,772 |
-6.03 |
8,369,047 |
-3.24 |
8,649,417 |
178 |
3,102,460 |
|
Trade debtors |
34191431 |
-17.20 |
41292255 |
1.62 |
40,635,958 |
53.84 |
26,414,606 |
129 |
11,524,330 |
|
Other amounts receivable |
510485 |
39.83 |
365075 |
10.42 |
330,638 |
9.54 |
301,855 |
7.23 |
281,495 |
|
Cash |
2067918 |
217 |
650345 |
135 |
276,696 |
2601 |
10,244 |
-5.83 |
10,878 |
|
Miscellaneous current assets |
10555 |
-0.16 |
10572 |
-20.92 |
13,368 |
97.09 |
6,783 |
-26.81 |
9,268 |
|
Total Assets |
46362567 |
-8.13 |
50464915 |
1.05 |
49,940,120 |
39.70 |
35,748,510 |
133 |
15,328,563 |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
Total shareholders equity |
6,645,492 |
34.27 |
4,949,293 |
1.72 |
4,865,460 |
2.82 |
4,732,226 |
1.84 |
4,646,561 |
|
Issued share capital |
81,803 |
31.94 |
62,000 |
0 |
62,000 |
0 |
62,000 |
0 |
62,000 |
|
Reserves |
6,563,689 |
34.30 |
4,887,293 |
1.75 |
4,803,460 |
2.85 |
4,670,226 |
1.87 |
4,584,561 |
|
Provisions for Liabilities & Charges |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Creditors |
39,717,075 |
-12.74 |
45,515,621 |
0.98 |
45,074,660 |
45.33 |
31,016,284 |
190 |
10,682,002 |
|
Other long term liabilities |
5,913,730 |
77.50 |
3,331,681 |
-1.76 |
3,391,429 |
2.90 |
3,295,764 |
7.05 |
3,078,821 |
|
Total long term debts |
5,913,730 |
77.50 |
3,331,681 |
-1.76 |
3,391,429 |
2.90 |
3,295,764 |
7.05 |
3,078,821 |
|
Current portion of long term debt |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Financial debts |
22,288,403 |
-20.17 |
27,919,387 |
-5.17 |
29,440,473 |
135 |
12,497,729 |
728 |
1,508,714 |
|
Trade creditors |
11,187,156 |
-19.93 |
13,972,100 |
17.77 |
11,863,512 |
-20.21 |
14,869,007 |
160 |
5,715,626 |
|
Amounts Payable for Taxes, Remuneration
& Social Security |
67,658 |
-12.10 |
76,973 |
-24.43 |
101,851 |
69.50 |
60,088 |
-45.03 |
109,308 |
|
Miscellaneous current liabilities |
260,128 |
20.72 |
215,481 |
-22.32 |
277,395 |
-5.55 |
293,697 |
8.96 |
269,533 |
|
Total current liabilities |
33,803,345 |
-19.87 |
42,183,940 |
1.20 |
41,683,231 |
50.37 |
27,720,521 |
264 |
7,603,181 |
|
Total Liabilities |
46,362,567 |
-8.13 |
50,464,915 |
1.05 |
49,940,120 |
39.70 |
35,748,510 |
133 |
15,328,563 |
Ratio Analysis
|
|
31.12.2013 |
% |
31.12.2012 |
% |
31.12.2011 |
% |
31.12.2010 |
% |
31.12.2009 |
|
TRADING
PERFORMANCE |
|
|
|
|
|
|
|
|
|
|
Profit Before Tax |
0.13 |
30.0 |
0.10 |
-33.33 |
0.15 |
15.38 |
0.13 |
18.18 |
0.11 |
|
Return on capital employed |
1.34 |
-10.07 |
1.49 |
-37.39 |
2.38 |
66.43 |
1.43 |
55.43 |
0.92 |
|
Return on total assets employed |
0.36 |
50.0 |
0.24 |
-38.46 |
0.39 |
21.88 |
0.32 |
-30.43 |
0.46 |
|
Return on net assets employed |
2.54 |
2.01 |
2.49 |
-38.37 |
4.04 |
66.26 |
2.43 |
59.87 |
1.52 |
|
Sales / net working capital |
11.03 |
-29.83 |
15.72 |
-2.24 |
16.08 |
43.70 |
11.19 |
32.58 |
8.44 |
|
Stock turnover ratio |
6.86 |
9.58 |
6.26 |
-4.43 |
6.55 |
-35.08 |
10.09 |
100 |
5.02 |
|
Creditor
days |
30.63 |
-25.26 |
40.98 |
20.25 |
34.08 |
-46.37 |
63.55 |
87.63 |
33.87 |
|
Debtor
days |
92.64 |
-22.72 |
119.88 |
3.24 |
116.12 |
3.28 |
112.43 |
65.29 |
68.02 |
|
SHORT TERM STABILITY |
|
|
|
|
|
|
|
|
|
|
Current
ratio |
1.36 |
14.29 |
1.19 |
0 |
1.19 |
-7.03 |
1.28 |
-34.69 |
1.96 |
|
Liquidity
ratio / acid ratio |
1.09 |
9.00 |
1.00 |
1.01 |
0.99 |
3.12 |
0.96 |
-38.46 |
1.56 |
|
Current
debt ratio |
5.09 |
-40.26 |
8.52 |
-0.58 |
8.57 |
46.25 |
5.86 |
257 |
1.64 |
|
Cashflow |
146,090 |
15.59 |
126,387 |
-32.64 |
187,641 |
35.39 |
138,590 |
26.99 |
109,137 |
|
Net
worth |
6,645,492 |
34.27 |
4,949,293 |
1.72 |
4,865,445 |
2.82 |
4,731,986 |
1.85 |
4,646,096 |
|
LONG TERM STABILITY |
|
|
|
|
|
|
|
|
|
|
Gearing |
335.39 |
-40.55 |
564.11 |
-6.77 |
605.09 |
129 |
264.10 |
713 |
32.47 |
|
Equity
in percentage |
14.33 |
46.08 |
9.81 |
0.72 |
9.74 |
-26.44 |
13.24 |
-56.32 |
30.31 |
|
Total
debt ratio |
5.98 |
-35.00 |
9.20 |
0.65 |
9.26 |
41.37 |
6.55 |
184 |
2.30 |
|
Working
Capital |
12,213,913 |
52.69 |
7,999,079 |
0.71 |
7,942,477 |
3.66 |
7,662,383 |
4.60 |
7,325,250 |
Profit & Loss
|
Annual
accounts |
31.12.2013 |
% |
31.12.2012 |
% |
31.12.2011 |
% |
31.12.2010 |
% |
31.12.2009 |
|
Weeks |
52 |
|
52 |
|
52 |
|
52 |
|
52 |
|
Currency |
EUR |
|
EUR |
|
EUR |
|
EUR |
|
EUR |
|
Operating Income
|
134,713,088 |
7.14 |
125,733,087 |
-1.57 |
127,737,338 |
48.95 |
85,756,149 |
38.66 |
61,844,492 |
|
Turnover |
134,708,722 |
7.15 |
125,718,059 |
-1.57 |
127,725,550 |
48.95 |
85,751,172 |
38.66 |
61,844,492 |
|
Total Operating
Expense |
133,310,953 |
7.13 |
124,434,476 |
-2.07 |
127,061,445 |
48.79 |
85,398,577 |
38.64 |
61,598,161 |
|
Operating
Charges |
133,316,319 |
7.12 |
124,449,504 |
-2.06 |
127,073,234 |
48.79 |
82,403,554 |
38.65 |
61,598,161 |
|
Employees Costs |
401,092 |
17.04 |
342,693 |
25.42 |
273,227 |
2.59 |
266,325 |
-7.85 |
289,024 |
|
Wages &
Salary |
- |
-- |
260,069 |
25.54 |
207,154 |
0.65 |
205,807 |
-7.06 |
221,443 |
|
Social security
Contribution |
-- |
-- |
69,273 |
28.83 |
53,771 |
0.75 |
53,368 |
-10.39 |
59,559 |
|
Other Employees
Costs |
-- |
-100 |
13,350 |
8.52 |
12,302 |
72.06 |
7,150 |
-10.86 |
8,021 |
|
Director
remuneration |
-- |
-- |
60,634 |
-12.47 |
69,274 |
-65.17 |
198,864 |
0 |
198,864 |
|
Amortization
& Depreciation |
30,696 |
-27.87 |
42,554 |
-21.79 |
54,407 |
2.80 |
52,925 |
-9.68 |
58,594 |
|
Operating result
|
1397,769 |
8.90 |
1,283,583 |
93.28 |
664,105 |
88.35 |
352,595 |
43.14 |
246,331 |
|
Total financial
income |
168,431 |
12358 |
1352 |
203 |
446 |
-7.02 |
480 |
-81.01 |
2,526 |
|
Total financial
expenses |
1397,720 |
20.31 |
1,161,745 |
148 |
467,958 |
96.38 |
238,287 |
33.76 |
178,147 |
|
Results on
ordinary operations |
168,480 |
36.76 |
123,190 |
-37.34 |
196,593 |
71.27 |
114,788 |
62.34 |
70,709 |
|
Extra ordinary
Income |
50,000 |
3022 |
1,601 |
-- |
-- |
-- |
17,279 |
-- |
--- |
|
Extra ordinary
Charges |
--- |
--- |
-- |
-- |
-- |
-- |
17,094 |
1454 |
1,100 |
|
Extraordinary
Items |
50,000 |
3022 |
1,601 |
-- |
-- |
-100 |
185 |
16.80 |
-1,100 |
|
Results for the
year Before Taxation |
168,480 |
35.01 |
124,791 |
-36.52 |
196,593 |
70.99 |
114,972 |
65.17 |
69,609 |
|
Taxation |
53,086 |
29.61 |
40,958 |
-35.35 |
63,358 |
116 |
29,307 |
53.71 |
19,067 |
|
Result on ordinary
Operations after taxation |
115,394 |
40.33 |
82,232 |
-38.28 |
133,234 |
55.87 |
85,480 |
65.52 |
51,643 |
|
Net result |
115,394 |
37.65 |
83,833 |
-37.08 |
133,234 |
55.53 |
85,665 |
69.49 |
50,543 |
|
Profit (Loss) for
the year to be appropriated |
115,394 |
37.65 |
83,833 |
-37.08 |
133,234 |
55.53 |
85,665 |
69.49 |
50,543 |
Payment expectations
Payment expectation days 30.63
Day sales outstanding 92.64
Industry comparison
Activity code 46761
Activity description Wholesaler of
diamonds and other precious stones
Industry average payment
expectation days 124.39
Industry average day sales
Outstanding 141.74
Industry quartile analysis
Payment expectations
Company result 30.63
Lower 122.66
Median 76.39
Upper 46.98
Day sales outstanding
Company result 92.64
Lower 102.84
Median 54.50
Upper 24.07
Group Structure
No group structure for this company.
Minority Shareholders
No minority shareholders found
Minority Interests
No minority interests found
Summons
there is no data for this company
Protested Bills
there is no data for this company
Bankruptcy and other legal events
there is no data for this company
Current director details
Name KAMLESH KUMAR
PRABHULAL AGRAWAL
Position Principal Manager
Start Date 12/07/2012
Street 155 HEISTRAAT
ANTWERPEN
Post code 2610
Country Belgium
Name NITIN SANGHVI
Position Managing Director
Start Date 06/05/2007
Street 3 KASTANJELAAN
ANTWERPEN
Post code 2020
Country Belgium
Former director
details
Name SONAL SANGHVI
Position Principal Manager
Start Date 30/11/2011
End Date Unknown date
Position Managing Director
Start Date 21/10/2011
End Date 30/11/2011
Street 155 HEISTRAAT
ANTWERPEN
Post code 2610
Country Belgium
Position Director
Start Date 10/04/1996
End Date 30/11/2011
Street 155 HEISTRAAT
ANTWERPEN
Post code 2610
Country Belgium
Name NITIN SANGHVI
Position Director
Start Date 06/05/1997
End Date Unknown date
Street 3 KASTANJELAAN
ANTWERPEN
Post code 2020
Country Belgium
Name SONAL NITIN
SANGHVI
Position Principal Manager
Start Date 01/10/2011
End Date 06/07/2012
Street 3 KASTANJELAAN
ANTWERPEN
Post code 2020
Country Belgium
Name CHADRAKANT
BHANSALI KAUSHIK
Position Principal Manager
Start Date 12/08/1997
End Date Unknown date
Street 18 EEKHOORNLAAN
ANTWERPEN
Post code 2610
Country Belgium
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in
India. Diamond production in India can be traced back to almost 8th
Century B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
-
The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
-
Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
-
Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
-
Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
-
Excerpts from Times of India dated 30th
October 2010 is as under –
-
Gem & Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the
UK, Japan and China. India’s polished diamond export is expected to cross $ 21
bn in 2013-14.
-
The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.88 |
|
|
1 |
Rs.96.90 |
|
Euro |
1 |
Rs.76.29 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.